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Soros on Recent EU Developments: Absolutely Not Enough

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Billionaire currency speculator, philanthropist, and liberal activist George Soros appeared on Bloomberg TV Thursday morning to discuss the financial crisis in Spain and what steps, he thinks, the European Union should take going forward.

“I think it’s impossible for Spain to ask for a full-fledged program,” he said, referring to the idea of bailing out the ailing euro country. “So it will be some kind of an extended … in-between phase, which would allow something like $100 billion to be advanced (up to $100B) and that would be sufficient.”

“So that will be, I think, the solution,” he added.

And on the subject of the eurozone as a whole, Soros doesn’t think the steps taken have been drastic enough especially in regards to the EU’s banking union.

“The measures taken have at least bought time and it is during that time some further impetus is given. Very important is the banking union because if you create a European banking system, then disparity would be greatly relieved,” Said Soros.

“So, these are very positive developments but they’re not enough. Absolutely not enough to turn the situation around because we are on the verge — or already in — a deflationary debt trap,” he added